(Reuters) – Chinese wind turbine maker Envision Energy believes “it’s easy” to meet an international pledge made at the COP28 climate summit to triple renewables by 2030.
“This is not visionary,” Envision CEO Lei Zhang told Reuters on the sidelines of the summit in Dubai.
“If you look at the wind and solar growth rate in the past, you see triple is not difficult because all renewables have been lower cost than fossil fuel,” Zhang said.
At least 118 countries have supported the pledge led by the UAE COP28 Presidency to triple renewable energy capacity.
Zhang said an initiative launched at previous climate talks to finance the replacement of coal plants with clean energy, known as Just Energy Transition Partnerships (JETP), was also providing an opportunity for Envision.
He said investment plans published by Vietnam and Indonesia to access the JETP funding from banks and wealthy nations showed there is money to be made in the space.
“The financial investor or technology developer, they see this is an attractive investment opportunity,” Zhang said.
(Reporting by Sarah McFarlane; editing by David Evans)
